LISTED AUDITORS IN RERA
ARC Associates gets listed with RERA and is now among the approved list of auditors qualified for executing RERA audits
Listed auditors in RERA: ARC Associates is satisfied to declare that the firm has been registered with RERA and in this manner joins the list of approved auditors who have been recognized by RERA.
RERA Auditing - ARC Associates
Real Estate Regulatory ( RERA), established in Dubai, UAE. RERA started in 2007, is a government agency that control and manage all types of real estate related activities in Dubai.
RERA stipulates that all its developers should have an independent “ESCROW” account and should undertake an audit to check on the current status of the project and update the records with regards to the progress of the construction. Also, all completed projects must have their own Owner’s Association, who should maintain and audit its books of accounts and submit every year to RERA.
The scope of a RERA audit covers the following:
a) Financial Audit – audit and review
· list of units sold, units cancelled and cash received from buyers
· Mortgage/finance amount received for the project from financial institutions
· Retention a/c balance and verify it represents 5% of total funds received
· Paid land costs and other related payments (registration fees, etc.)
· Project construction, management & marketing related payments
· Advance payments released to the contractor(s) or other parties
· Advance payment guarantee and performance bond issued
b) Operational Audit – To assess the effectiveness of control environment and activities of the company.
c) Compliance Audit – To verify whether or not the developer is in compliance with the applicable real estate laws & regulations as required by RERA.
